Conventional Loans

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. The Goldwater Bank Idaho Team has access to all conventional loan programs and are happy to assist you in your purchase or refinance.  Call us now to obtain financing in the Boise, Meridian, Eagle or anywhere in Idaho or surrounding states.  Call 208-501-8851 to speak with one of our Loan Officers.

About Conventional Loans

Conventional loans have options for down payments as little as 3% of the purchase price.  Conventional loans generally have better terms than other loan types.  The best rates and mortgage insurance amounts will go to clients with higher credit scores but people with scores down to 620 FICO can obtain conventional loans.  If the client puts a down payment of 20% or more they will not have to obtain mortgage insurance.  Conventional loans can be used to buy a primary residence, secondary residence or an investment property.

Private Mortgage Insurance (PMI)

PMI is required when a client puts less than 20% down on a conventional loan.  For clients with good credit PMI is going to be cheaper than it would be for a FHA Loan.  Some of the larger mortgage insurance companies are MGIC, Radian, Archs, Genworth Financial.  Many of these companies have pricing tools on their websites where a client can check to see what their PMI cost could be.

Conventional Loans

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2018 Conventional Loan Limits:

Conventional loan limits are adjusted yearly.  Most areas will fall into the standard conventional loan limit of $453,100.  Some counties are designated high-cost areas by Fannie Mae and Freddie Mac.  These counties the loan limit for 2018 is $679,650.  The loan limits do vary depending on how many units in the dwelling.

  • For 2018 standard areas the loan amounts are as follows: (Contiguous States, District of Columbia and Puerto Rico)

1 Unit   $453,100           2 Unit   $580,150           3 Unit   $701,250           4 Unit   $871,450

  • For 2018 standard areas the loan amounts are as follows: (Alaska, Guam, Hawaii, and the U.S Virgin Islands)

1 Unit   $679,650           2 Unit   $870,225           3 Unit   $1,051,875         4 Unit   $1,307,175

  • For 2018 High-Cost areas the loan amounts are as follows: : (Contiguous States, District of Columbia and Puerto Rico)

1 Unit   $679,650           2 Unit   $870,225           3 Unit   $1,051,875         4 Unit   $1,307,715

  • For 2018 High-Cost areas the loan amounts are as follows: (Alaska, Guam, Hawaii, and the U.S Virgin Islands)

1 Unit   $1,019,475        2 Unit   $1,305,325        3 Unit   $1,577,800         4 Unit   $1,960,750

Conventional loans meet most of our client’s needs.  Call us now to obtain financing in the Boise, Meridian, Eagle or anywhere in Idaho or surrounding states.  Call 208-501-8851 to speak with one of our Loan Officers!